Envestnet Asset Management Inc. Sells 97,730 Shares of Rithm Capital Corp. (NYSE:RITM)

Key Points

• Envestnet Asset Management Inc. significantly reduced its stake in Rithm Capital Corp by 47.5% during the first quarter, holding 108,233 shares valued at approximately $1.24 million.
• Several other institutional investors, including Barclays PLC and Wedbush Securities Inc., have increased their positions in Rithm Capital, indicating a mixed sentiment among institutional stakeholders.
• Rithm Capital's latest earnings revealed an EPS of $0.54, surpassing analysts' expectations, and the company has announced an annual dividend yield of 8.3%.

Envestnet Asset Management Inc. lowered its position in Rithm Capital Corp. (NYSE:RITM - Free Report) by 47.5% in the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 108,233 shares of the real estate investment trust's stock after selling 97,730 shares during the period. Envestnet Asset Management Inc.'s holdings in Rithm Capital were worth $1,239,000 at the end of the most recent quarter.

A number of other large investors have also modified their holdings of RITM. Fourth Dimension Wealth LLC grew its stake in Rithm Capital by 50.0% during the 1st quarter. Fourth Dimension Wealth LLC now owns 3,000 shares of the real estate investment trust's stock valued at $34,000 after acquiring an additional 1,000 shares in the last quarter. Quarry LP grew its stake in shares of Rithm Capital by 47.5% in the 4th quarter. Quarry LP now owns 4,118 shares of the real estate investment trust's stock valued at $45,000 after buying an additional 1,327 shares during the period. Quadrant Capital Group LLC grew its stake in shares of Rithm Capital by 35.2% in the 4th quarter. Quadrant Capital Group LLC now owns 4,655 shares of the real estate investment trust's stock valued at $50,000 after buying an additional 1,211 shares during the period. Quent Capital LLC lifted its holdings in Rithm Capital by 58.6% during the 1st quarter. Quent Capital LLC now owns 5,465 shares of the real estate investment trust's stock worth $63,000 after buying an additional 2,019 shares in the last quarter. Finally, Rossby Financial LCC acquired a new stake in Rithm Capital during the 1st quarter worth $79,000. Institutional investors and hedge funds own 44.92% of the company's stock.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on the stock. UBS Group reissued a "buy" rating and set a $14.00 price objective (up from $13.00) on shares of Rithm Capital in a research report on Tuesday, July 15th. Royal Bank Of Canada raised their price objective on shares of Rithm Capital from $13.00 to $14.00 and gave the stock an "outperform" rating in a research report on Friday, August 1st. Wedbush reaffirmed an "outperform" rating and issued a $14.00 target price on shares of Rithm Capital in a report on Wednesday. Jones Trading lifted their target price on shares of Rithm Capital from $12.50 to $13.50 and gave the company a "buy" rating in a report on Tuesday, July 29th. Finally, BTIG Research reiterated a "buy" rating and issued a $16.00 price objective on shares of Rithm Capital in a research note on Friday, April 25th. Eight analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, Rithm Capital currently has a consensus rating of "Buy" and a consensus target price of $14.00.

Rithm Capital Stock Performance

RITM stock traded down $0.15 during midday trading on Wednesday, hitting $12.12. 2,201,011 shares of the company traded hands, compared to its average volume of 4,496,257. Rithm Capital Corp. has a twelve month low of $9.13 and a twelve month high of $12.59. The company has a quick ratio of 0.35, a current ratio of 0.40 and a debt-to-equity ratio of 1.63. The business has a 50 day simple moving average of $11.61 and a 200-day simple moving average of $11.40. The stock has a market capitalization of $6.42 billion, a price-to-earnings ratio of 9.32 and a beta of 1.25.

Rithm Capital (NYSE:RITM - Get Free Report) last announced its quarterly earnings results on Monday, July 28th. The real estate investment trust reported $0.54 EPS for the quarter, beating the consensus estimate of $0.51 by $0.03. Rithm Capital had a return on equity of 18.89% and a net margin of 16.72%. The company had revenue of $1.22 billion for the quarter, compared to the consensus estimate of $1.18 billion. As a group, equities research analysts predict that Rithm Capital Corp. will post 1.93 earnings per share for the current year.

Rithm Capital Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, July 31st. Shareholders of record on Monday, June 30th were paid a dividend of $0.25 per share. The ex-dividend date was Monday, June 30th. This represents a $1.00 dividend on an annualized basis and a yield of 8.3%. Rithm Capital's payout ratio is currently 76.92%.

Rithm Capital Profile

Rithm Capital Corp. operates as an asset manager focused on real estate, credit, and financial services. It operates through Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable, and Asset Management segments. Its investment portfolio primarily comprises of mortgage servicing rights (MSR), and MSR financing receivables, title, appraisal and property preservation, excess MSRs, and services advance investments; real estate securities, call rights, SFR properties, and residential mortgage loans; consumer and business purpose loans; and asset management related investments.